You are welcome to use your financial aid/scholarships towards Transcending Borders. However, in some cases state grants will not apply to Transcending Borders. It is up to the funding source to decide whether the money is allowed for the use of study abroad. If the financial aid is disbursed after the balance due deadline, Transcending Borders will need a copy of the accepted award letter in order to consider the possibility of deferring payment. However, the position hold payment is not deferrable unless your home university pays Transcending Borders directly on your behalf.
Consult your Financial Aid office for specifics. It is important that you are aware of your financial standing as you return to your home university. Financial aid and loans that are time sensitive may need to be reinitiated or activated at the beginning of the semester. Loan organizations may need a statement from your home university affirming your continued enrollment and verifying your registration. If you receive such notification from your loan organization, you should contact the loan association immediately for specific directions. Discuss any concerns related to financial aid with your home university Financial Aid advisor before your study abroad program begins.
The easiest, least expensive, and most convenient way for you to access funds is to use an ATM card that has been approved for international use and has a PIN number. You should consult with your bank about setting up access to your account via the internet to check your balance, etc. Let your bank and credit card companies know when and where you will be traveling.
ATMs are available for use in most countries worldwide. They often have the best exchange rate, 24-hour accessibility, and money from your home bank account can be withdrawn in the local currency abroad. Check with your bank at home to make sure your card is approved for use abroad and to determine any charges related to using it internationally, as there are usually currency conversion fees for each withdrawal. Be aware of the daily withdrawal limit for your debit card.
VISA and MasterCard are the most widely accepted. You should let your card company know when and where you will be traveling and confirm that your card can be used abroad. Consider requesting a 4-digit PIN number to use (like you would with a debit card), verify your daily limit, and check if there are any service fees/restrictions. You may, for example, be charged a fee or percentage for the currency exchange rate. Just in case, be prepared to have another form of payment with you in the event you cannot use your credit card.
We strongly discourage using or relying on traveler’s checks, as they are not always accepted abroad. You may be required to exchange traveler’s checks for local currency at a bank. Also, you must often have the original receipt with you as some banks may require the original receipt in order to exchange the traveler’s checks. If you do decide to use traveler’s checks, make sure you sign them as soon as you receive them. It is a good idea to keep a copy of them at home in case they are lost, and you should store the contact information for the issuing bank separately from your purse or wallet.
Yes, Western Union (and many banks) can quickly wire money to most countries. To collect wired funds, you will need to show your passport or ID and the transaction record number that the sender was given when transferring the funds. You should expect to pay fees to send and/or receive funds by wire transfer. These fees can range from $50 to $100.
Your financial institution may charge fees for each foreign transaction. Therefore, you should try to limit the frequency of your ATM withdrawals. Some financial institutions may also have global partnerships or alliances that will allow you to withdraw money from certain ATMs with little to no extra fees. Be sure to take note of all included, because they may have ATMs in multiple countries. Check with your bank, credit union, or financial institution for more information.